The process of flaw coordination that economic theory describes is called a "mutual adjustment process" because
What will be an ideal response?
the actions that people take create the options for others.
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The slow growth of U.S. incomes during the 1970s and 1980s can best be explained by
a. unstable economic conditions in Eastern Europe. b. increased competition from abroad. c. a decline in the rate of increase in U.S. productivity. d. a strong U.S. dollar abroad, hurting U.S. exports.
Which of the following can occur, when the government imposes a price control on a market?
(a) Excess supply of a good/service. (b) Excess demand for a good/service. (c) Price is not at its equilibrium level. (d) All of the above.
The World View article "U.S. Slaps China with Huge Anti-Dumping Tariffs" says new tariffs will be imposed on steel from China, and
A. Chinese consumers will benefit. B. U.S. steel producers will benefit from the tariff. C. U.S. steel distributors will gain from the tariff. D. Consumers will benefit from this U.S. trade policy.
When the economy has an income tax that is variable, the multiplier is
A. unchanged. B. larger. C. smaller. D. unpredictable.